Investment Grade CDS Market Summary – November 2022
GET OUR CDS MARKET SUMMARIES STRAIGHT TO YOUR INBOX. LEARN MORE
Investment Grade CDS Market Summary: November 2022
Our newsletter presents key trends derived from observable Credit Default Swaps pricing data over a monthly period.
Top 10 Outperformers
Showcases the top 10 IG CDS “outperformers” based on the largest mid spread decreases between 11/1/22 – 11/30/22
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | GKNLN 5Y | GKN HOLDINGS LTD | -57.3% | -166 | 123 | 289 | 5 |
| 2 | KOMATS 5Y | KOMATSU FINANCE AMERICA INC | -44.0% | -19 | 25 | 44 | 4 |
| 3 | HONDA 5Y | AMERICAN HONDA FIN CORP MEDIUM | -43.5% | -27 | 35 | 62 | 3 |
| 4 | JAPTOB 5Y | TABLEMARK HOLDINGS CO LTD | -41.7% | -32 | 45 | 77 | 3 |
| 5 | TAKEDA 5Y | TAKEDA PHARMACEUTICAL CO LTD | -40.7% | -34 | 49 | 83 | 4 |
| 6 | SIEGR 5Y | SIEMENS | -40.4% | -33 | 49 | 83 | 6 |
| 7 | SNE 5Y | SONY CORP | -39.2% | -16 | 25 | 41 | 2 |
| 8 | KINKI 5Y | KINTETSU GROUP HOLDINGS CO LTD | -39.2% | -37 | 58 | 95 | 3 |
| 9 | SCHREI 5Y | SWISS REINSURANCE COMPANY LTD | -37.4% | -33 | 56 | 89 | 7 |
| 10 | MITCO 5Y | MITSUBISHI CORP | -35.6% | -15 | 27 | 42 | 3 |
Top 10 Underperformers
Showcases the top 10 IG CDS “underperformers” based on the largest mid spread increases between 11/1/22 – 11/30/22
| RANK | BOND NAME | ISSUER | % CHANGE | BPS CHANGE | SPRD | SPRD-1 MONTH | DEALERS |
|---|---|---|---|---|---|---|---|
| 1 | CS 5Y | CREDIT SUISSE AG NEW YORK BRH | 55.4% | 146 | 409 | 263 | 5 |
| 2 | DVN 5Y | DEVON ENERGY CORP | 25.7% | 28 | 137 | 109 | 4 |
| 3 | LNC 5Y | JEFFERSON-PILOT CAP TR B | 23.8% | 31 | 161 | 130 | 4 |
| 4 | UNH 5Y | PACIFICARE HEALTH SYS INC DEL | 21.9% | 10 | 58 | 48 | 5 |
| 5 | KIM 5Y | KIMCO REALTY CORP | 18.2% | 10 | 65 | 55 | 2 |
| 6 | FREGR 5Y | FRESENIUS SE & CO KGAA | 17.3% | 32 | 214 | 183 | 3 |
| 7 | LMT 5Y | LOCKHEED MARTIN CORP | 14.6% | 5 | 40 | 35 | 4 |
| 8 | HESS 5Y | AMERADA HESS CORP | 13.8% | 17 | 138 | 121 | 4 |
| 9 | AMZN 5Y | AMAZON.COM INC | 13.4% | 5 | 41 | 36 | 4 |
| 10 | HON 5Y | ALLIED SIGNAL INC | 12.0% | 4.2 | 39 | 35 | 5 |
Normalized IG Spread by Region
Displays the IG CDS spread by region between 11/1/22 – 11/30/22 Results are based on 5 select regions, however, we offer data across 12 regions
IG Spread by Region – Monthly Comparison
Exhibits the IG mid spread by region for the month ending 10/31/22 vs. the month ending 11/30/22
| REGION | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| Global | 88 | 79 | -9 | Tighter | 517 |
| U.S. | 71 | 68 | -3 | Tighter | 193 |
| Europe | 96 | 82 | -14 | Tighter | 154 |
| U.K. | 122 | 101 | -22 | Tighter | 38 |
| Canada | 77 | 78 | 2 | Wider | 3 |
| Latin America | 152 | 115 | -37 | Tighter | 10 |
Normalized IG Spread by Industry
Displays the IG CDS spread by industry between 11/1/22 – 11/30/22 Results are based on 5 select industry sectors, however, we offer data across 36 sectors
IG Spread by Industries – Monthly Comparison
Exhibits the IG spread by industry for the month ending 10/31/22 vs. the month ending 11/30/22
| INDUSTRIES | PREVIOUS SPREAD | CURRENT SPREAD | BPS CHANGE | MONTHLY PERFORMANCE | CDS COUNT |
|---|---|---|---|---|---|
| All Industries | 88 | 79 | -9 | Tighter | 517.00 |
| Beverage, Food & Tobacco | 53 | 49 | -4 | Tighter | 29.00 |
| Consumer Goods: Durable | 75 | 57 | -17 | Tighter | 6.00 |
| Hotel, Gaming & Leisure | 93 | 81 | -12 | Tighter | 3.00 |
| Real Estate | 125 | 119 | -6 | Tighter | 26.00 |
| High Tech Industries | 55 | 43 | -11 | Tighter | 19.00 |
Stay up-to-date with monthly summaries.
Related Resources
About SOLVE
SOLVE is the leading market data platform provider for fixed-income securities, trusted by sophisticated buy-side and sell-side firms worldwide. Founded in 2011, SOLVE leverages its AI-driven technology and deep industry expertise to offer unparalleled transparency into markets, reduce risk, and save hundreds of hours across front-office workflows. With the largest real-time datasets for Securitized Products, Municipal Bonds, Corporate Bonds, Syndicated Bank Loans, Convertible Bonds, CDS, and Private Credit, SOLVE empowers clients to transform the way they bring new securities to market, trade on secondary markets, and value highly illiquid securities. Headquartered in Connecticut, with offices across the globe, SOLVE is the definitive source for market pricing in fixed-income markets.
